HERITAGE CREDIT UNION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1934

Legal Domicile

Principal Officer

ANITA RAUCH

Phone

6082412191

Tax Period

2022-01-01 to 2022-02-28

HERITAGE CREDIT UNION, founded in 1934, is a community nonprofit that reported $2.8M in total revenue in fiscal year 2021. Revenue fell 86% from the prior year — a significant decline worth monitoring. Expenses of $3.2M exceeded revenue, resulting in a 16% operating deficit.

Mission

HERITAGE CREDIT UNION WILL BE AN INDEPENDENT, CO-OPERATIVE, PREMIER FINANCIAL INSTITUTION WITH A RECOGNIZED BRAND IN THE MARKETS WE SERVE. WE WILL BE THE PREFERRED PLACE WHERE FAMILIES WILL COME TO MEET THEIR FINANCIAL NEEDS, FOR CURRENT AND FUTURE GENERATIONS.

Program Service Accomplishments

Program 1

TO PROMOTE THRIFT & PROVIDE LOW COST LOANS AMONG MEMBERS. THIS IS ACCOMPLISHED ON A CO-OPERATIVE NON-PROFIT BASIS FOR THE BENEFIT OF THE MEMBERSHIP.THE ORGANIZATION HAD 28,752 MEMBERS AT THE END OF...

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2021)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $2,824,041

Investment Income $-73,396

Other Revenue $2,678

TOTAL REVENUE $2,753,323

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,733,515

Fundraising Expenses $0

Other Expenses $1,470,657

TOTAL EXPENSES $3,204,172

Year-over-Year Comparison

	2021	2020	Change
Revenue	$2,753,323	$20,193,229	-0.9%
Expenses	$3,204,172	$16,612,606	-0.8%
Net Income	$-450,849	$3,580,623	-1.1%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$542,898

Total Directors

$518,409

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ANITA RAUCH	CHIEF EXECUTIVE OFFICER	40.00	Officer Director	$493,004	$25,405	$518,409
GREG CULLEN	CHAIRPERSON	1.00	Officer Director	$0	$0	$0
CATIE SHANNON	TREASURER	1.00	Officer Director	$0	$0	$0
DAUN MAIER	SECRETARY	1.00	Officer Director	$0	$0	$0
BROOKE FREY	DIRECTOR	1.00	Director	$0	$0	$0
KEITH SCHMIDT	DIRECTOR	1.00	Director	$0	$0	$0
MATT YOUNG	DIRECTOR	1.00	Director	$0	$0	$0
CHELSEA ZASTROW	CHIEF FINANCIAL OFFICER	40.00	Officer	$20,210	$4,279	$24,489

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2022	$2,753,323	$3,204,172	No data	$-450,849
2021	$20,193,229	$16,612,606	$461,320,772	$3,580,623
2020	$19,634,302	$17,164,275	$451,147,003	$2,470,027
2019	$19,287,608	$16,926,491	$389,446,849	$2,361,117
2018	$17,050,104	$14,431,239	$350,873,855	$2,618,865